CONGRESS FOR VOTERS

Craig Goldman (R-TX)

To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.

H.R. 7034 · House bill Taxation

A Republican bill with 6 Republican cosponsors · See all 6 cosponsors

Last activity — Referred to the House Committee on Ways and Means.

In committee

Introduced and handed to a committee in the chamber it started in.

The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.

Its path through Congress

  1. Introduced
  2. In Committee

What this bill would do

This bill proposes to amend the Internal Revenue Code of 1986. The primary goal is to eliminate the current dollar limitations regarding the exclusion of gain from the sale of principal residences. It involves striking specific paragraphs within Section 121(b) and redesignating others. Additionally, it includes conforming amendments to Section 121(c). These changes would apply to all sales and exchanges occurring after the Act is enacted.

Yes· 3 of 7

  • Scored +8

    Would people with substantial wealth be better off under this?

    This bill disproportionately benefits those with significant equity in high-value residential properties.

  • Scored +7

    Would high-income households be better off under this?

    Higher income households with more expensive principal residences benefit most from removing the cap on gain exclusions.

  • Scored +6

    Would people over 65 be better off under this?

    Seniors often sell high-value principal residences and would benefit from the removal of gain exclusion caps.

The opposite

  • Scored -3

    Does this reduce what the federal government spends?

    By eliminating tax exclusions on home sale gains, the bill reduces potential federal tax revenue.